Affordability Requirements definition

Affordability Requirements with respect to each Phase, means the requirements set forth in Section 3, below.

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Affordability Requirements means the Affordability Ceiling and the Capital Cost Ceiling. “Assumed Financial Close Date” means November 1, 2018.

Affordability Requirements means the terms and requirements set forth in Section 8 of this Agreement and the Declaration of Affordability Requirements approved by ▇▇▇▇▇▇ and recorded in the land records of Cleveland County, Oklahoma as a requirement to receive funds under this Agreement.

Examples of Affordability Requirements in a sentence

Pursuant to 24 C.F.R. § 92.252, the Affordability Requirements shall remain in effect for not less than the Affordability Period without regard to the term of any mortgage or other underlying encumbrance upon the Property and without regard to any transfer of ownership.
Each annual report shall include a statement of compliance from the Redeveloper stating that the Redeveloper has implemented and performed a tenant income verification process and that each tenant at the time of lease signing met the Affordability Requirements for the Project.
Recipient recognizes that the Affordability Requirements contained within the Agreement as to the HOME-Assisted Units must be imposed as covenants that run with the land in order to comply with the HOME regulations at 24 C.F.R. Part 92.
So long as there is no breach of the Agreement by the Debtor, the principal balance of this Note shall be forgiven, pro rata, for each month after the Project Completion Date that Debtor is in compliance with the Loan Documents and Affordability Requirements throughout the full twenty-year term, then the entire balance of this Note shall be forgiven on the maturity date.
Execution of the releases of the Promissory Note and Mortgage and Declaration of Affordability Requirements shall constitute written consent.

More Definitions of Affordability Requirements

Affordability Requirements means the Affordability Ceiling and the Capital Cost Ceiling.

Affordability Requirements means the mandatory Affordability Ceiling and the mandatory Capital Cost Ceiling.

Affordability Requirements means meeting the income, rent, and other requirements as set forth in Section 5 of this Agreement; additionally, Affordable includes the requirement that monthly rents do not exceed thirty percent (30%) of that amount which represents the percentage of the median Annual Gross Income for the households qualifying under the definition of Eighty Percent Income, Sixty Percent Income, or Thirty Percent Income, as applicable, as defined and set forth by FHFC for the Orlando MSA under the Funding Programs. Each of the one hundred and fifteen (115) Affordable Units in the Project are both rent-restricted and rented to and occupied by individuals whose income is as follows: Phase I: Nineteen (19) of these Affordable Units are set aside for individuals or households whose income is Eighty Percent (80%) or less of the area median income for the Orlando MSA adjusted for family size, forty-three (43) of these Affordable Units are set aside for individuals or households whose income is at Sixty Percent (60%) or less of the area median income for the Orlando MSA adjusted for family size, and fourteen (14) of these Affordable Units are set aside for individuals or households whose income is Thirty Percent (30%) or less of the area median income for the Orlando MSA adjusted for family size, as determined by HUD and FHFC. Phase II: Six (6) of these Affordable Units are set aside for individuals or households whose income is Eighty Percent (80%) or less of the area median income for the Orlando MSA adjusted for family size, Twenty-nine (29) of these Affordable Units are set aside for individuals or households whose income is at Sixty Percent (60%) or less of the area median income for the Orlando MSA adjusted for family size, and four (4) of these Affordable Units are set aside for individuals or households whole income is Thirty Percent (30%) or less of the area median income for the Orlando MSA adjusted for family size, as determined by HUD and FHFC.

Affordability Requirements means the following affordability requirements for the Project during the Tax Abatement Period: all of the residential units will be affordable to households at 60% to 80% of AMI, with the studio units projected to be affordable at 67% AMI and the 1-bedroom and 2- bedroom units projected to be affordable at 77% AMI.

Affordability Requirements mean the requirements set forth in Section 5.2.

Affordability Requirements means the following:

Affordability Requirements means the affordability requirements contained in Sections 3.02 and 3.03 hereof.